2017 Tenth International Conference Management of Large-Scale System Development (MLSD)
Year: 2017
Pages: 1 - 5
IEEE Conferences
Models of companyrsquo;s capital structure: classification and analysis
Dmitry Sizykh
Trapeznikov Institute of Control Sciences RAS Moscow, Russia D.Sizykh@gmail.com
Natalia Sizykh
National Research University Higher School of Economics HSE, Trapeznikov Institute of Control Sciences RAS Moscow, Russia sizykh_n@mail.ru
Abstract：There are proposed companys capital structure models that can be used in an automated monitoring system and preliminary analysis of the risks of the companys assets financing. It is developed classification of the main structures of assets financing.
Keywords：companys capital structure, monitoring and preliminary analysis system, financial risks.
I. INTRODUCTION
A variety of factors affect the companys capital structure. The aim to increase its effectiveness is decided by management in each company independently. Therefore, a simple and effective method is required for monitoring and preliminary analysis of the companys financing structure, which could be used in an automated management and decision-making system. This monitoring system will allow timely detection of deviations in the structure of financing, develop and make necessary management decisions to improve companyrsquo;s efficiency, increase its profit and market value.
The structure of financing the companys assets makes a strong impact on the financial condition of the company. The optimal capital structure of the company should ensure the most effective ratio between financial stability and profitability. As a rule, the formation of a rational capital structure involves minimizing the level of financial risk [1,3]. To determine the level of financial risks (financial stability) is proposed to use an efficient and pictorial method of monitoring and preliminary estimation of financing structure on the basis of assets financing matrix [6,7]. Within the research is developed asset financing matrix and the method of monitoring and preliminary analysis of companys capital structure based on it. For the first time are identified main types of financing patterns of companys assets and there are given their classification. It is analyzed the dependence of the financial risk level on financing pattern of companys assets. The paper presents the results of approbation of the proposed methodology for analyzing the asset financing pattern and the level of financial risks on an example of leading automobile companies.
II. MODERN MODELS OF CAPITAL STRUCTURE
Nowadays are most developed following theories of the effective capital structure: trade-off theory, pecking order theory, Modigliani–Miller theory, agency theory, modern approach of behavioral finance (corporate governance model and stakeholder theory) [1,2,5].
It should be noted that there are a number of contradictions in modern theoretical developments regarding the companys capital structure and there are peculiarities of practical application of these models. Financial directors and managers often pay insignificant attention to the effectiveness of the capital structure. This is due to the complexity of the developed approaches and the fact that these methods do not always give the desired result [1,5].
To solve the issue of optimizing the capital structure, it is necessary to carry out monitoring and preliminary analysis of the current financing structure. At the same time, the primary task consists is establishing of the financial risks level (financial stability) of company [3,4]. If the company has very high financial risks (critical level of financial stability), then the primary task consists in reducing of risks, and then in optimizing of capital structure.
III. COMPANYS CAPITAL STRUCTURE: MAIN PATTERNS ANDCLASSIFICATION
At managing the capital structure of company, one of the main tasks consists in taking into account and minimizing the level of financial risks [1,5]. Various managerial actions for improving the companys capital structure cannot be carried out without ensuring an acceptable level of financial risk. With the purposes of the preliminary analysis and monitoring of the financing structure should be used simple, visual, and at the same time effective approach that would be easily automated. The development of a variant of this method was also solved in the presented study.
For monitoring and preliminary analysis of the companys capital structure is proposed to use the asset financing matrix. This matrix is formed on the basis of the adopted provision regarding financing of non-current assets: companys financial stability is ensured by the financing of fixed assets and non-liquid part of inventories at the expense of the own capital or at the expense of the sum of own capital and long-term assets [4,6]. The level of financial stability is greatly reduced if inventories are financed by interest-bearing current liabilities. But if inventories are financed by interest-free current liabilities, the company has a high financial risk and is either at the stage of bankruptcy or it is already bankrupt. Therefore, an indicator of the maximum possible financial risk for company is the fact of use of non-interest bearing current liabilities for financing of inventories.
For illustration of the possible types of structure of asset financing is used enlarged matrix of asset financing, in which all companyrsquo;s assets are separated into three groups, andliabilities/capital are separated into four groups.
·А1 Total non-current assets, LTA
·А2 Inventories, Inv
·А3 Total current assets without Inventories, CA-Inv
·L1 Total stockholders equity, EQ
·L2 Total l
剩余内容已隐藏，支付完成后下载完整资料
2017年第十届大型系统开发国际会议管理（MLSD）
年份：2017
页数：1—5页
IEEE会议
公司资本结构模型：分类与分析
德米特里·西济克
特拉佩兹尼科夫控制科学研究所，俄罗斯莫斯科
娜塔莉亚·西济克
俄罗斯莫斯科特拉佩兹尼科夫控制科学研究院国立研究大学经济高等学院
摘要：提出了一种可用于自动化监控系统的公司资本结构模型，并对公司资产的融资风险进行了初步分析，对资产融资的主要结构进行了分类。
关键词：公司资本结构；监测和初步分析体系；财务风险
一、引言
各种因素影响着公司的资本结构，提高效率的目标由各公司管理层自主决定。因此，对公司的融资结构进行监控和初步分析需要一种简单有效的方法以用于自动化管理和决策系统。该监控系统将能够及时发现融资结构中的偏差，作出必要的管理决策，以提高公司效率和提高公司利润和市场价值。
公司资产融资结构对公司的财务状况有很大影响。公司的最佳资本结构应确保财务稳定与盈利能力达到平衡。通常，合理的资本结构的形成需要将金融风险的水平降到最低[1,3]。为了确保金融秩序的稳定，我建议采用一种有效的图形化方法，在资产融资矩阵的基础上对融资结构进行监测和初步估计[6,7]。在此基础上建立了资产融资矩阵，对公司的资本结构进行监测和初步分析。首次确定了公司资产融资模式的主要类型并对其进行了分类，分析了财务风险水平对公司资产融资模式的依赖性。本文以汽车行业龙头企业为例，介绍了资产融资模式和金融风险水平分析方法。
二、现代资本结构模式
目前，有效资本结构理论发展快速发展，发展顺序如下：权衡理论、啄序理论、莫迪利亚尼-米勒理论、代理理论、现代行为金融方法（公司治理模型和利益相关者理论）[1,2,5]。
值得注意的是，在现代理论发展中，公司资本结构仍存在着许多矛盾，所以在模型的实际应用中应该考虑其特殊性。财务总监和经理们通常不太重视资本结构的有效性，这是由于资本结构研究方法过于复杂性而且不能够表现出公司的实际运营情况[1,5]。
为了解决资本结构的优化问题，有必要对当前的融资结构进行监测和初步分析。同时，首要任务是确保公司的财务风险水平即财务稳定性[3,4]。如果公司具有很高的财务风险甚至达到金融稳定的临界水平，首要任务应该是降低风险，然后才考虑优化资本结构。
三、公司资本结构：主要模式和分类
在管理公司的资本结构时，一个主要的任务是考虑将财务风险水平降到最低[1,5]。在没有确保可接受的财务风险水平的情况下，不能采取各种管理措施来改善公司的资本结构。为了更好的对融资结构进行初步分析和监测，应采用简单、直观、自动化的有效方法。本研究正是基于这个角度进行分析。
为分析公司的资本结构，我们采用资产融资矩阵。该矩阵是在非流动资产融资规定的基础上形成的：公司的财务稳定性是由固定资产和存货的非流动部分构成的，以自有资本和长期资产之和为代价进行融资，来保证确保公司的发展[4,6]。如果存货使用有息流动负债来进行融资，那么将大大降低金融稳定水平。如果存货使用由无息流动负债进行融资，那么公司的财务风险很高，要么处于破产阶段，要么已经破产。因此，公司最大可能财务风险的指标是使用无息流动负债为存货融资。
为了说明资产融资的可能类型，采用了资产融资的扩大矩阵，其中所有公司的资产分为三组，负债/资本分为四组。
bull; A1非流动资产总额，LTA;
bull; A2库存，投资;
bull; A3不含库存的流动资产总额，CA投资;
bull; L1股东权益总额，等式;
bull; L2长期负债总额，有限公司;
bull; L3利息流动负债，ICL;
bull; L4无息流动负债，NICL;
在这些资产和负债/资本组的基础上建立公司资产融资矩阵，并在表3-1中列出。根据作者提出的模型建立了“资产-资本”矩阵[7]。
表3-1融资结构类型的公司资产融资矩阵概况
|
指标 |
L1 |
L2 |
L3 |
L4 |
|
А1 |
EQ1 |
LTL1 |
ICL1 |
NICL1 |
|
А2 |
EQ2 |
LTL2 |
ICL2 |
NICL2 |
|
А3 |
EQ3 |
LTL3 |
ICL3 |
NICL3 |
注：EQ1、EQ2、EQ3–（股本），适当资产组融资的自有股本的绝对（或相对）单位值；
LTL1、LTL 2、LTL 3–（长期负债），适当资产组融资的长期债务的绝对（或相对）单位的价值；
ICL1、ICL 2、ICL 3–（计息流动负债），适当资产组融资的计息流动负债的绝对（或相关）单位值；
NICL1、NICL 2、NICL 3–（无息流动负债），无息流动负债的绝对（或相对）单位表示的价值，用于适当资产组的融资。
资产融资矩阵表示为平衡矩阵，其中资产按流动性的升序（从上到下）分配，负债从长期负债分配到流动负债（从左到右）。资产总额等于负债和自有资本之和。填充矩阵单元采用线性优化任务法[7]。
让我们根据金融风险指标来确定四种资产融资方案。
运用所提出的分析公司资产融资结构的方法，可以配置A、B、C、D四种融资模式。
A组的模型如下：如果LTA INVle;EQ，那么我们有一个财务风险最小的融资方案，即公司完全财务稳定。在这种情况下，只有一个融资方案（见表3-2）。
表3-2 A集团资本结构模式概述
|
指标 |
L1 |
L2 |
L3 |
L4 |
|
A1 |
EQ1 |
|||
|
A2 |
EQ2 |
|||
|
A3 |
EQ3 |
LTL3 |
ICL3 |
NIBCL3 |
如果LTA INV=EQ，则EQ3=0。公司拥有大量的自有股权，借助于这些股权，公司将融资全部非流动资产和存货（存货的非流动部分）以及部分流动资产。
B组的模型如下：如果不满足不等式LTA INVle;EQ，则检查不等式LTA INVle;EQ LTL。若成立，我们有财务风险正常的融资方案，即公司财务稳定。在这一点上，融资有两种可能的变体（见表3-3）
bull;B1方案是可能的，条件是LTAle;等式，条件是LTA=EQ，然后EQ2=0；
bull;如果LTAgt;EQB1方案的风险水平低于B2，则可以采用B2方案。
表3-3 B组资本结构模型概况
|
B1 体系 |
||||
|
指标 |
L1 |
L2 |
L3 |
L4 |
|
A1 |
EQ1 |
|||
|
A2 |
EQ2 |
LTL2 |
||
|
A3 |
LTL3 |
ICL3 |
NICL3 |
|
|
B2 体系 |
||||
|
指标 |
L1 |
L2 |
L3 |
L4 |
|
A1 |
EQ1 |
LTL1 |
||
|
A2 |
LTL2 |
|||
|
A3 |
LTL3 |
ICL3 |
NICL3 |
|
C组的模型如下：如果不等式LTA Inv ˃ EQ LTL不成立，则应检查不等式LTA Inv le; EQ LTL ICL。如果成立，则是一种财务风险相对较高的融资方案，那么，公司的财务状况是不稳定的。在这种情况下，有三种可能的融资方案（见表3-4）：
bull;C1是可能的，条件是LTAle;等式，LTA=EQ，EQ2=0；
bull;如果LTAle;EQ LTL，则可以使用C2。LTA=EQ LTL，则LTL2=0；
bull;在LTAgt;EQ LTL的条件下，可以使用非流动资产融资流动负债（计息）C1方案的财务风险水平低于C2，而C3方案对该融资结构的财务风险最高。对于下面给出的三种融资资产结构，如果LTA Inv = EQ LTL ICL则ICL3 = 0。
表3-4 集团资本结构模型概况
|
C1 体系 |
||||
|
指标 |
L1 |
L2 |
L3 |
L4 |
|
A1 |
EQ1 |
|||
|
A2 |
EQ2 |
LTL2 |
ICL2 剩余内容已隐藏，支付完成后下载完整资料 资料编号：[21073]，资料为PDF文档或Word文档，PDF文档可免费转换为Word |
|
以上是毕业论文外文翻译，课题毕业论文、任务书、文献综述、开题报告、程序设计、图纸设计等资料可联系客服协助查找。
